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Your Single Best Piece of Advice

Discussion in 'Beginners Bootcamp' started by Anita V, May 2, 2011.

  1. John P

    John P Private

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    I would suggest looking at getting rid of those lagging indicators and try trading off pure price action. It has really helped me a lot.
     
  2. Romeo

    Romeo Sergeant

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    Good for you that you recognize the difference in the psychology in trading a live account. After 2-3 months of demo trading, it is advisable to trade a micro account with a few dollars to start getting the feeling of what a live account is like.
     
  3. JRamos

    JRamos Recruit

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    Thanks for posting this thread Anita. I too am learning the ropes at this crazy trading world. I don't yet have any advice for you, but I appreciated being able to see everyone else's tips. Good luck trading!
     
  4. The Prophet

    The Prophet Private

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    To Anita V.

    It's been a few months since your original post, I trust all is well and you have gathered a vast amount of knowledge to enable you to become a profitable trader.

    The most important lesson for you to learn is Discipline.

    All the knowledge in the world will not help you if you do not have the disciplined approach for each and every trade.
     
  5. James Edison

    James Edison Recruit

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    @ The Prophet: Thanks for the great advice. I really think that it an important factor in your success. Without discipline I have found you can't really have any success!

    Happy Trading!
     
  6. Peter D

    Peter D Recruit

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    I am new to this -- I signed up with Acornwealth education package before talking with FX and from what I learnt from FX I may have made a mistake joining Acornwealth.com The infostructure of FX is much more than Acornwealth. I signed up about 7 days ago. I'm thinking of cancelling with them and go with FX -- I yet to have been able to get any feedback from anyone what they know about Acornwealth. I need feedback. Your help would be appreciated.
     
  7. RahmanSL

    RahmanSL Major

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    The only recommendation that I would give to Newbie is NOT to sign up with any expensive "How to be a successful forex trader" package.

    Go to top of this FPA page....click on "Education & Forum"...select "Forex Education Forum"....then click on "Forex Military School | Complete Forex Education by a Pro Banker"....or any of the articles there.

    Besides being being great educational articles on the world of forex, all these are ABSOLUTELY 100% FREE.

    Have a pleasant and great forex journey which all of us have to take....but do have a great time too along the way;yah! : )
     
  8. Lyndylulubelle

    Lyndylulubelle Private

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    The best thing I ever did was start with a demo account. I used it for around 12 months before I went live. I still have my demo and use it for trying out new things instead of making unnecessary mistakes on my live account. I also agree with some of the points made by others in here about keeping your chart "simple". If you use too many indicators/tools you may find your chart is so busy you can't see clearly. Find what indicators/tools you like best and then work with them. I found that patience is invaluable, as is persistance and discipline. It was such a relief when I realised that there really wasn't any great hurry and that I could go as fast or as slow as I wanted. It's not a race. I also learned that greed and ego can cloud your judgement and cause you to stay in trades (that aren't going the way you want) for the wrong reasons. Some good trading psychology books helped me deal with those issues and the same books helped me find the courage to get back in when I felt almost completely defeated. I hope your journey thus far has been enjoyable.
     
  9. WaveRider

    WaveRider Sergeant

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    What a great thread.

    Rahman is right about paying for info. Don't. Put the money in your account and get your info for free. The FPA school is stellar and free. Forex Mentor has about 4 strategies total and they don't really work that well. Babypips has a good school. If you pay for info, get a book by a real trader like Joe Dinapoli. Most seminars are really empty and often just wrong. They teach because they couldn't make it as a real trader.

    My advice (oops four points not just one):
    1. Try to think like your opponents. Understand how newbies think and trade - don't be like them. Understand how bankers think and trade - be like them. You're trading against people or groups of people, not blind math and equations. The better you know your "enemy" the better you'll trade against them.

    2. Don't waste time on indicator searching. Get the best 5 or 6 that Sive or other successful traders use and stop searching and trying stuff out. Don't think any indicator will make you a good trader. The market is not that easy.

    3. Don't waste time on EA's. Learn how the market works. Here on FPA, EVERY EA has been a flash in the pan, if it has worked at all. They sell evil pipe dreams to fools and the naive.

    4. Stay away from 1 minute charts as a beginner. They are too fast paced to allow for clear decision making when you're new. Probably 5 minute charts too.
     

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